At scale you get to do that and have those teams. So all good companies have multiple offers on the table. Yeah. When people ask me what Im most nervous about its how to keep our amazing team together, a couple of tactics and then one thing that really worked. So all good companies have multiple offers on the table. And the biggest change in the series C I just raised versus in the early days is having a CFO. So I think three months is an efficient round. Prices can change quickly! . Anthemos Georgiades. ! Look how quickly our revenue are scaling. what was the premier league called before; And were just a little earlier than obviously a public company so our gross is spikier. So Anthemos, theres always a first time and you know I guess this is the first time in the history of the DealMakers Show that Im able to interview someone that has been involve on the M&A but more on the buy side. [06:54] the early days and it worked where there was just all hands to the pump. So when you go in to a fundraising in terms of preparation the most important thing is that your last six months are great and your most important metrics are all growing really nicely so kind of five, six months in a row that is a fantastic story to tell to an investor. Anthemos Georgiades: Hey, thanks for having me. How do you scale like 20 million in revenue to 200 million in revenue and we didnt need the more product set investors because we already have fantastic people at that. You shameless have to mine your network and I think all CEOs and entrepreneurs have to find that edge of how did they meet one of these investors, how did they meet someone that knows them. And we built this website using an outsource development shop in Europe that just tested one assumption of the end game which was can we get users in 2011, 2012 just as mobile was coming online to apply and close apartments from their phone. Had worked in politics. Yeah. Got it. But theres no right answer in business. It is ultimately the culture. They may not understand marketplace as well as you but they may be able to bring a brilliant way of thinking about how to bring the supply on [30:20]. How many listings do we have on the site? And so just be prepared that however smart, however many smart people have looked the deal and thought about whether it will work, it always take a little bit more time than you think it will to integrate because theres always some gremlin kind of hiding in the works that youre going to find. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. How flat is the company? They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. Were growing very quickly but none of that was true obviously in the first two years. I knew the CEO for a while. Got it. Everyone filling gaps where they could and it [07:02] fulfilling gaps in to where youre skilled and so I think the most obvious thing to do for that is to hire people with very different skill sets to you that allows you to never really have awkward overlap and egos because everyone is kind of skilled at something very unique. Theyre struggling to kind of grow their audience because they didnt have enough listings whereas Zumper at the getgo we had a lot of unique landlords on the platform that no one else had. And were they like obviously now youre opening here the cap table to a different breed and I guess when that happen probably at a strategic level lets say from a board perspective or something you know, maybe you receive some type of recommendations whether it was with this corporation or with other corporations as to what perhaps to look for and what to avoid. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. Anthemos Georgiades is the co-founder and CEO of Zumper. So if the story has changed in a way that merits the focus of the company but what is consistent every single time weve raised is that for six months in a row, we had really, really quick growth. And then when I moved out to America, Russel was software engineer at Google and I had no technical background so I basically hit up my network for anyone with a technical background living in the US who might be interested in joining and Russel and I really hit it off and he was the perfect cofounder. Published by at June 13, 2022. I think Id say forget everything you think you know and everything, your education [38:28]. For me, its Zumper, an apartment rental platform. I guess the question that I would ask you and perhaps some advice for some of those that are listening, that are building a business that is more around the network effects, the marketplaces, should they walk the other way if the investor is asking too much about revenue early on on the financing cycles? Yeah. And so I didnt really think about it too often because this is kind of 15 years ago but then I moved to another six or seven times into an apartment rentals in London, in Boston, in New York and the process is so bad every time, not just in searching but also in actually like getting the apartment. How much respect is there? I grew up in London. Your second month you spend getting term sheets and documents signed. So I guess in your guys case, how do you deal with the egos and then more importantly how did you define the responsibilities early on so that you kind of have that healthy culture going on? A lot of business schools was how to make decisions with imperfect information. I didnt think that either of them originally. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Likewise. How did you find these investors? The reality is often in the early stages, youre going to want to take all the capital thats given to you and you may not have multiple term sheets. How many listings do we have on the site? I say like in the first pitch to the day the money wires, theres always been around like a minimum of three months. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. Got it. I mean to a point network gets you an intro but a lot of intros are 10 minute meetings where the VC immediately decides its not for them which is totally fair. Pat Mapper caters to 25 and under and kind of big college populations. Anthemos Georgiades Current Workplace Zumper Location 555 Montgomery St Ste 1300, San Francisco, California, 94111, United States Industry Information Collection & Delivery, Media & Internet Description Discover more about Zumper Anthemos Georgiades Work Experience and Education Work Experience Manager, Summer Investment Atomico 2009-2010 Please subscribe to unlock this content. Alejandro: Got it. The company was incorporated in California, Texas, and Florida ten years ago. Alejandro: Got it. Anthemos and Russell met in London while working at a consulting company back in 2006, but it was after they moved to the U.S and experienced the pain of finding a place to live that they decided to found Zumper along with Taylor Glass-Moore and Leah Jones. Anthemos Georgiades: Oh wow, good question. All photos courtesy of Forbes Councils members. Now my cofounders were phenomenal in bringing them to meetings. I kind of looked through in Crunchbase which connections I have into which fund. Not really actually. Your second month you spend getting term sheets and documents signed. At series A, you got to show product market set in a sub vertical. Ill set the first couple of meetings often alone but its been wonderful as weve grown our executive team to be able to bring like our VP of sales, our head of grow, our CPO in to the meetings afterwards when they want to meet the team. Anthemos Georgiades is the CEO and co-founder at Zumper. This show is about storytelling and all the elements that go into telling the perfect fundraising story. Anthemos Georgiades: Yeah. I love it. Think Masterclass for Management. In the early days we love the exposure to Silicon Valley investors. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. Get a custom action plan and all the help that you need to start raising more capital. So I guess lets say we had the opportunity to put you in front of your younger self, Anthemos, in 2012 before you were to close that seed round, what would be that piece of advice that you would give to your younger self with everything that youve learned having this journey ahead of you? As CEO, Anthemos has raised $39.2 million in venture capital from investors including Kleiner Perkins, Goodwater Capital, Breyer Capital and Foxhaven Asset Management, including a Series B round in Oct. 2016 when many start-ups were struggling. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. Alejandro: Got it. Alejandro: Got it. Anthemos Georgiades: Its part of the game. Anthemos was an undergrad at Oxford when he noticed how problematic renting an apartment . So the series B, weve done story now look at how quickly the renters are growing on the platform. They wanted to close apartments like they book a hotel and so took the status of like 35 different apartments we leased using the technology in San Francisco to VCs and said, Hey, were really going to rebuild all of this but heres some data that shows this really can work at scale, and thats how we raised the first million dollars from some of the names that you mentioned. Alejandro: Got it. Yeah. Never thought Id be an entrepreneur. So how did you meet your cofounders? Youre right that is wrong advice. Pat Mapper caters to 25 and under and kind of big college populations. When you look your cofounders, your team in the eye and you know theyre ready to go and theyre resilient and they come back in to build and try the next thing and youve kind of worked out together this is part of the game. And we built this website using an outsource development shop in Europe that just tested one assumption of the end game which was can we get users in 2011, 2012 just as mobile was coming online to apply and close apartments from their phone. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. There could be investors who are fantastic. Really, really nice to have you here and excited for the chat that we have ahead here. So lets talk about Zumper here. Every company is completely different and theres no gold standard. Since 2012, Anth has grown Zumper to over 100 employees and raised $90 million in venture capital for the company. So paradoxically, I dont think the core DNA of a companys culture is built at ski tracks or offsite. So we solved it to the first two years purely by getting landlords on board through various kind of product strategy and so our growth cuts for the first two years that we raised the [27:41] were purely about landlords and listing. Got it. What are some tips for successfully navigating the rental market from a renter's perspective? I guess the question that I would ask you and perhaps some advice for some of those that are listening, that are building a business that is more around the network effects, the marketplaces, should they walk the other way if the investor is asking too much about revenue early on on the financing cycles? Well, Anthemos, it has been a pleasure to have you on the show. June 12, 2022 . The most important thing is to surround yourself with an amazing support group because it is so much harder to build a company than I thought it was and the emotional resilience you need to get through the dark days and come back to the bright days even now is what [38:54] just get harder like yeah, we have more revenue now but with that there are people [38:58] and like huge revenue targets we have to attain and so the most important thing is surround yourself with a network of family, friends, mentors, peers, your team, your investors, whoever is an emotional crutch for you where you can take from them but also maybe get back to them as well when theyre having a tough time, thats the single most important thing is look after your mental health because it is lonely and it is stressful and if youre able to kind of be resilient you have a great outcome but it is really hard on some days to push through, so build that around just [39:35] and you can be happy while running your company. Well, first of all, your point about quashing the egg and shooting the chicken. It was just purely hustling my network for six months to find people who are really great cultural fit but also have very different skill sets to the one I have. How does the day to day at Zumper work? Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. So I guess for those listeners that are looking at acquiring other companies to perhaps grow a little bit faster, what kind of advice would you give to them? Anthemos lives in San Francisco, where Zumper is HQd, with his wife. How much respect is there? We love our investors. Im the CEO and Ive always felt that it was my responsibility to do the fundraising. How autonomous can people be at the junior levels? Thats quite motivating for people. How many landlords did we have on the site? And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. And I mean its quite a few cofounders. In the first two or three years you will kill your marketplace if you create any barriers to entry from either side. It seemed crazy that the real estate industry wasnt moving towards on demand. He has grown the Zumper team to 50 and counting and successfully completed the acquisition of apartment search platform PadMapper. So in terms of timeline, you were mentioning that the C round, you guys closed this 46 million a couple of months ago. Terms & Conditions! hendrick motorsports hats; anthemos georgiades net worth A lot of it was completely bottom up. So for the business, Anthemos, how much capital have you guys raised today? So it doesnt always work out and I think thats fine. Got it. And so back to your point, yes, we want investors who are supportive of the fact that we didnt try to monetize the platform for the first three years because it would have created a barrier to entry. How does the day to day at Zumper work? rex harrison audrey hepburn relationship. Were growing very quickly but none of that was true obviously in the first two years. Stay informed using all the free online rental data out there (like Zumper's national rent report). Never thought Id be an entrepreneur. Theyre both incredibly smart as are my executive team who are also like critical to fundraise where Ill go in and sell the vision often alone. You know marketplaces and liquidity is king like you were pointing to finding what you need in the shortest period of time because otherwise theyre going to go elsewhere. Its so hard to get marketplaces liquidity so correct, the beautiful thing as you know is when you have it, it took us three years to get to that, it just runs and you just grow naturally when you have both sides but its so hard to get to it. Well, first of all, your point about quashing the egg and shooting the chicken. I learned more from you than you learned from me, and then your job as CEO is to do kind of two or three things, that is to continue to advance like the vision and the mission of the company and keep everything strategically aligned. And then now your job at five, six years in with a team of a hundred with higher and amazing executive team who are all better at doing their jobs than you would ever be and so your job is almost as a CEO is to like hire yourself out of a job where you hire people, where you look at them and you think, Wow, I cant believe you report to me. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. For Zumper's Georgiades, many Florida markets, such as Fort Lauderdale, Miami, Orlando, and Tampa, have been the big pandemic winners. But theres no right answer in business. It happened but I wouldnt say its like an obvious part. I think at that stage it makes sense. FUNDED EP01: How to tell a story worth $140 million dollars (Zumper) 00:00 51:07 Episode Summary Anthemos Georgiades, founder of Zumper, perfected his pitch the way most founders do: through trial and error. Got it. Dave Costantino Staff Engineer - Backend. I really enjoyed it and great stuff. We love our investors. Your job as the CEO and the founder is to convince your investors of the reason to do this. And so as you mature you look for a different kind of investor and that naturally tends to happen. Yeah. Yeah. But I will say the one thing is true is that you always raise on momentum. And in terms of preparation, Anthemos, how has the preparation like preparing before going to market to start engaging investors, how have you seen with your business, with Zumper, how have you seen that changed over time as the rounds were maturing? Great question. I mean I called it like a cheat [33:33] my team. Meaning hey, we send you a ton of leads this month that close in to leases. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Now we have supply so the six months curve at the series B was all about users and millions of monthly users and then at the series C it was much more revenue curve. You kind of just all in [06:39] I think where the carving of the rose start to happen for me around 10, 12 people where you no longer just have [06:49]. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. So thats how Zumper got started. Anthemos Georgiades: Yeah. So you still have to land it and once youre on the door it doesnt matter where you come from you have to have something good. So I saw for example Axle Springer which is you know more kind of like the corporate. Anthemos Georgiades is the CEO of <a href="http://zumperblog.kinsta.cloud">Zumper</a>. If you want me to do your fundraising for you, click here. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. I mean to a point network gets you an intro but a lot of intros are 10 minute meetings where the VC immediately decides its not for them which is totally fair. I know entrepreneurs who spend nine months raising their rounds which is a long time but they got great rounds done. So I wouldnt be too picky early. So Anthemos, whats the business model here? "These markets had a huge net migration from New York and California, and they have held up," he says. With a diverse background that includes consulting for Boston Consulting Group and serving as Economic Advisor and speechwriter in the 2010 British Election, Anthemos founded Zumper in 2012 after his own terrible rental experience. Anthemos Georgiades is co-founder & CEO of Zumper, the largest startup in the rental industry. Im so glad I did it. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. Its not about the ski trips and any of that you know. Hes raising money now. His passion for relieving the stress for others in apartment rentals has given birth to a venture which has now raised $90 million, has experienced tremendous growth, and boasts a VC line up of some of the most prized investors in Silicon Valley. And investors love that story because its easy to believe that you can continue to do that. You shameless have to mine your network and I think all CEOs and entrepreneurs have to find that edge of how did they meet one of these investors, how did they meet someone that knows them. Rear mounted 3" standard exhaust port, and 2" standard air intake Exterior dimensions of unit are 24" wide, 26" deep, and 40" high with mounted controller. So I guess without further ado, Anthemos Georgiades from Zumper, welcome aboard. So I as British person moving to Silicon Valley in 2012 I have never run a startup before. In the early days, youre going to need to take all the capital you can get. Theyre struggling to kind of grow their audience because they didnt have enough listings whereas Zumper at the getgo we had a lot of unique landlords on the platform that no one else had. And even though that sounds so obvious six years later, people just werent doing this in 2011, 2012 and we created a bunch of data that overwhelming shows the renters wanted to be applying for apartments from their phone. So it was never I want to be an entrepreneur journey. It was at the time Pat Mapper example almost the same size on consumer but now Zumper is much bigger but we called it like a cheat and your job as the founder is to identify like vertical cheats where overnight you become bigger than your competitors. Zumper which is a little bigger in terms of audience now caters more to urban professionals moving within cities. And we were talking about the $46 million round which was the C round, C as in cat and basically what you were talking about I mean what Ive seen is that you guys have shifted a little bit the strategy. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The Top Venture Capital Firms by Alejandro Cremades Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. Everyone in Boston, everyone in New York were straight nos and [25:15] didnt get second meetings but then a month later we came to Silicon Valley and we found a much better product market set for the kind of investor who was prepared to come early and invest early and we got a lot of yeses very quickly. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. We saw it would take three to six months to integrate Pat Mapper and their backend that engineering project we worked really hard and quickly just over a year to integrate so we underestimated like how much work was required to integrate them by 3x. We raised like a million dollars in seed money, that was running out so we tried various things that didnt work and I think the fabric of our culture that is still true today when we have a hundred people is built in the dark days and those days where your stuff is not working, your users arent growing, and how you look at your teammates and how you guys turn up on a Monday morning after a really crappy week the week before where maybe someone quit or maybe the metrics went south. And so when you think about AB testing frameworks, you think about how many started [03:43] that is a [03:44] grad school taught me. Anthemos Paul Georgiades has been associated with one company, according to public records. I was just talking to a friend of mine about this. I was really impressed when because its not hard, its almost impossible to land VC such as Kleiner Perkins on literally your first financing round, the seed round. Got it. Background Report for Anthemos Paul Georgiades Includes Age, Location, Address History for Anthemos Paul Georgiades Arrest, Criminal, & Driving Records Social Media Profiles Township Of Ocean Police Department. I think if you hire four cofounders like yourself, thats difficult and luckily we didnt have that problem. Zumper CEO and co-founder May 2012 Board and Advisor Roles Number of Current Board & Advisor Roles 1 Anthemos Georgiades is the Board Member at Zumper. Alejandro: Got it. My friend have had to camp out overnight outside the property management office to get access to the new apartment and this is [01:09] you know things coming online, you can order a cab via phone, you can book a hotel online. @zumper Stories Uncategorized It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. And were they like obviously now youre opening here the cap table to a different breed and I guess when that happen probably at a strategic level lets say from a board perspective or something you know, maybe you receive some type of recommendations whether it was with this corporation or with other corporations as to what perhaps to look for and what to avoid. Yeah. He was with HBS 10 years ago. You can filter down by city and . And so back to your point, yes, we want investors who are supportive of the fact that we didnt try to monetize the platform for the first three years because it would have created a barrier to entry. Georgiades founded Zumper after his own . And it was just [22:11] during the process that its a startup, were at growth stage but not to expect to be able to predict our courses like that public company again. Alejandro: Really, really nice to have you here and excited for the chat that we have ahead here. It was not something Ive really ever thought about before. Well help you prequalify renters and actually get the renter in to a lease, signing the documents, paying the first month deposit but well charge you a percentage of the lease fairly. Really good strategy to differentiate the demographics and were super happy with how it went down. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. We want investors who look at $100 million in revenue as table stakes but they wont agree to a billion. Anthemos Georgiades: Yeah. I have no experience doing that. Well help you prequalify renters and actually get the renter in to a lease, signing the documents, paying the first month deposit but well charge you a percentage of the lease fairly. Absolutely. If you dont have those connections, I think this is where like a lot of these accelerators and incubators, Y Combinator or Techstars or Launch are really good where you can apply. They were super lean team of under five people and its been a great deal for Zumper like we have one backend, one sales team and then two consumer platforms. Its so hard to get marketplaces liquidity so correct, the beautiful thing as you know is when you have it, it took us three years to get to that, it just runs and you just grow naturally when you have both sides but its so hard to get to it.